Commonwealth Commercial Partners has picked up leasing of the 458,000-square-foot SunTrust Center at 919 E. Main St. The Richmond-based firm took over Saturday for an out-of-town leasing agent, Commonwealth Commercial broker Russell Wyatt said.
“They had a group that was headquartered out of Atlanta that was running it, and it didn’t really make sense,” Wyatt said. “We have boots on the ground here and the local knowledge of the markets.”
The 25-story building is owned by Miami-based Parmenter Realty Partners and has more than 90,000 square feet of empty space, deemed Class A in the local market.
The building takes up the city block bounded by Ninth, 10th, Cary and Main streets. It shares an intersection with the James Center and the planned 18-story Gateway Plaza office tower. Wyatt said the building’s lease rates will keep it competitive in Richmond’s central business district.
“We’re typically a couple bucks cheaper than the James Center and the Twin Towers [at Riverfront Plaza], but the amenities are pretty comparable, so we feel like we’ve got the best value in the CBD,” he said.Wyatt declined to give an exact listing price because it might vary lease to lease but said the building typically rents at per-square-foot rates in the “low $20s.” Last quarter the average asking rate for Class A space downtown was $24.48 per square foot, according to a market report by CBRE | Richmond.
SunTrust, the building’s lead tenant, leases about 288,000 square feet in the tower. But the bank is looking to sublease a significant chunk of that. Brian Berkey, a Cushman & Wakefield | Thalhimer broker marketing the sublease, said almost 70,000 square feet are available at an asking price of $17 per square foot.
Including the space available for sublease and empty space, the SunTrust Center has about 160,000 square feet available. That equates to a combined vacancy rate of about 35 percent.
Commonwealth Commercial also picked up leasing on the Mutual Building at 909 E. Main St. The 130,000-square-foot Class B office building is also owned by Parmenter. The two downtown properties are its only Richmond holdings.
The SunTrust Center is the second major downtown office tower to call in a new leasing team this year. Hines, a Texas-based REIT, signed on CBRE | Richmond to lease the twin 20-story towers at Riverfront Plaza on East Byrd Street. That building had 237,000 square feet available as of last month, according to a CBRE press release.